Saturday, October 14, 2023

Environmentalist based fraud...if it's so cheap why do you need more money from the consumers?

New York denies offshore wind developer request to raise rates, throwing more projects into doubt

A few major projects have already been scraped as developers face financial troubles.

https://justthenews.com/politics-policy/energy/new-york-denies-offshore-wind-developer-request-raise-rates-throwing-more

East Coast wind projects are in jeopardy after a decision by New York regulators Thursday to deny requests from renewable energy developers to charge customers billions of dollars more.

Offshore wind developers say they have have been struggling against record inflation, supply chain issues, and interest rate hikes. Facing these pressures, Orsted, BP, and Equinor and other renewable developers requested that contracts for four offshore projects and 86 land-based projects be renegotiated, according to Reuters.

The offshore developers asked the New York Public Service Commission to alter its long term contracts and raise purchase prices to a level that would have let them collect an additional $38 billion from ratepayers.

The commission said that granting the requests would have added as much as 6.7% to residential customers' monthly energy bill in a state that already pays some of the highest rates in the country.

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